Vivad Se Vishwas Scheme 2.0 (“VsV 2024”): A Golden Opportunity for Taxpayers

 

After the success of the Vivad Se Vishwas Scheme 2020, the Government introduces VsV 2024, aimed at resolving long-pending Income Tax disputes. This scheme offers taxpayers a chance to settle their cases once and for all, clearing the backlog and ensuring resolution.

Who Can Apply?
Taxpayers with disputes pending as of 22 July 2024, including cases before:
The Supreme Court
High Courts
ITAT
Commissioner (Appeals)
Dispute Resolution Panel (DRP)
Section 264 Revision petitions

What You Need to Pay?
The amount payable varies depending on the stage of your dispute as under:

Appeals filed after 31 Jan 2020:
Pay 100% of disputed tax before 31 Dec 2024.
110% if paid after 1 Jan 2025.

Appeals pending before 31 Jan 2020:
Pay 110% of disputed tax before 31 Dec 2024.
120% if paid after 1 Jan 2025.

Disputed interest/penalty/fee:
25%-30% depending on the stage of the case.

Special Benefit: In certain cases, the amount payable can be reduced by 50%.

Why Opt for VsV 2024?
Full Immunity: No penalties, interest, or legal actions related to the settled tax arrears.
No Legal Impact: Your settlement won’t affect future cases or set legal precedents.

Who Can’t Apply?
Search & seizure cases
Prosecution under tax laws
Disputes involving undisclosed foreign income or assets

The copy of the order is as under:

1727157923848